NCERT Book Class 9 Social Science (Understanding Society India and Beyond PART-I) Chapter 9 The Price Puzzle: What Drives the Market

Chapter 9

The Price Puzzle:
What Drives the Market
The Big Questions
1. What are the factors that influence the demand for and supply of
goods and services in a market?
2. How are prices of goods and services determined through demand
and supply interactions?
3. What is market equilibrium, and does it exist in the real world?
4. How and why does the government intervene in the market?

What happens if the mangoes your parents bought last week are
now half the price? Why are vegetables expensive in the morning
but are cheaper in the evening? Or why does the price of onions
seem to change every few months? Why does the same flight seat
cost ₹3,000 on one day but ₹9,000 on another day? Why do shops and
malls announce discounts at certain times of the year? Have you ever
wondered about the reasons behind these situations in a market?
In the Grade 7 chapter ‘Understanding Markets’, you learnt about the
interaction among buyers and sellers and how prices adjust when the
seller sets them too high or too low. Prices do not change randomly;
they react to what people want, how much is available, the seasons,
festivals, trends, and sometimes even rumours. Whether it is snacks,
movie tickets, mobile phones, or vegetables, the prices of all goods
and services are determined by two powerful forces constantly at
work, that is, demand and supply.
This chapter explores the concepts of demand, supply, and price
determination and provides a glimpse of the outcomes of their
interplay in real-world situations.

Chapter 9.indd 195 18-Jun-26 11:33:29 AM